<PAGE> 1
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: October 15, 1999
HOUSEHOLD CONSUMER LOAN TRUST 1996-1
------------------------------------
(Exact name of registrant as specified in its charter)
HOUSEHOLD FINANCE CORPORATION
-----------------------------
(Administrator of the Trust)
(Exact name as specified in Administrator's charter)
Delaware 0-21979 88-0367746
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(State or other juris- (Commission File Numbers) (IRS Employer
diction of incorpora- Identification
tion of Administrator) Number of
Registrant)
2700 Sanders Road, Prospect Heights, Illinois 60070
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(Address of principal executive offices of (Zip Code)
Administrator)
Administrator's telephone number, including area code 847/564-5000
------------
Exhibit Index appears on page 3
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Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
--------
99 Statement to Series 1996-1 Participants with respect to the
distribution on October 14, 1999 as provided for under Article V of
the Pooling and Servicing Agreement dated as of September 1, 1995
among Household Finance Corporation, as Servicer and The Chase
Manhattan Bank, N.A., as Deposit Trustee and Section 5 of the
Series 1996-1 Supplement to the Pooling and Servicing Agreement,
(b) Noteholders with respect to the Payment Date on October 15,
1999 as provided for under Section 3.23 of the Indenture dated as
of March 1, 1996 between Household Consumer Loan Trust 1996-1 and
The Bank of New York, as Indenture Trustee, and (c)
Certificateholders with respect to the Payment Date on October 15,
1999 as provided for under Section 5.04 of the Trust Agreement
dated as of March 1, 1996 between Household Consumer Loan
Corporation and The Chase Manhattan Bank (USA), as Owner Trustee.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Administrator has duly caused this report to be signed on
behalf of the undersigned hereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION,
as Administrator of and on behalf of the
HOUSEHOLD CONSUMER LOAN TRUST 1996-1
----------------------------------------
(Registrant)
By: /s/ J. W. Blenke
-----------------------------------
J. W. Blenke
Authorized Representative
Dated: October 26, 1999
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EXHIBIT INDEX
Exhibit
Number Exhibit Page
- ------- ------- ----
4
99
Statement to Series 1996-1 Participants with respect to the
distribution on October 14, 1999 as provided for under Article
V of the Pooling and Servicing Agreement dated as of September
1, 1995 among Household Finance Corporation, as Servicer and
The Chase Manhattan Bank, N.A., as Deposit Trustee and Section
5 of the Series 1996-1 Supplement to the Pooling and Servicing
Agreement, (b) Noteholders with respect to the Payment Date on
October 15, 1999 as provided for under Section 3.23 of the
Indenture dated as of March 1, 1996 between Household Consumer
Loan Trust 1996-1 and The Bank of New York, as Indenture
Trustee, and (c) Certificateholders with respect to the
Payment Date on October 15, 1999 as provided for under Section
5.04 of the Trust Agreement dated as of March 1, 1996 between
Household Consumer Loan Corporation and The Chase Manhattan
Bank (USA), as Owner Trustee.
U:\WP\HFS088\8K\HCLT96-1.8K
-3-
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<TABLE>
<CAPTION>
Household Consumer Loan Trust, Series 1996-1
Deposit Trust Calculations
Previous Due Period Ending Aug 31, 1999
Current Due Period Ending Sep 30, 1999
Prior Distribution Date Sep 14, 1999
Distribution Date Oct 14, 1999
<S> <C>
Beginning Trust Principal Receivables 4,105,108,365.72
Average Principal Receivables 4,104,937,835.45
FC&A Collections (Includes Recoveries) 64,771,302.74
Principal Collections 134,834,398.30
Additional Balances 58,382,153.83
Net Principal Collections 76,452,244.47
Defaulted Amount 33,144,878.15
Miscellaneous Payments 0.00
Principal Recoveries 1,736,151.00
Beginning Participation Invested Amount 334,301,082.20
Beginning Participation Unpaid Principal 334,301,082.20
Balance
Ending Participation Invested Amount 325,375,627.50
Ending Participation Unpaid Principal Balance 325,375,627.50
Accelerated Amortization Date Feb 28, 2001
Is it the Accelerated Amortization Period? 0
0=No
OC Balance as % of Ending Participation 9.521%
Invested Amount (3 month average)
Is it Early Amortization? (No, if 3 month OC 0
Average >or=4.75%)
Investor Finance Charges and Administrative
Collections
Numerator for Floating Allocation 334,301,082.20
Numerator for Fixed Allocation 344,795,001.37
Denominator - Max(Sum of Numerators, Principal 4,104,937,835.45
Receivables)
Applicable Allocation Percentage 8.1439%
Investor FC&A Collections 5,274,895.13
Series Participation Interest Default Amount
Numerator for Floating Allocation 334,301,082.20
Denominator - Max(Sum of Numerators, Principal 4,104,937,835.45
Receivables)
Floating Allocation Percentage 8.1439%
Series Participation Interest Default Amount 2,699,278.06
Principal Allocation Components
Numerator for Floating Allocation 334,301,082.20
Numerator for Fixed Allocation 344,795,001.37
Denominator - Max(Sum of Numerators, Principal 4,104,937,835.45
Receivables)
Series Participation Interest Monthly Interest
(a) Series Participation Interest Pass Through 6.7500%
Rate, [Max(b,c)]
(b) Prime Rate minus 1.50% 6.7500%
(c) Rate Sufficient to Cover Interest, Yield 5.4771%
and Accelerated Principal Pmt Amount
(d) Series Participation Interest Unpaid 334,301,082.20
Principal Balance
(e) Actual days in the Interest Period 30
Series Participation Monthly Interest, [a*d*e] 1,880,443.59
Series Participation Interest Interest 0.00
Shortfall
Previous Series Participation Interest 0.00
Interest Shortfall
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<PAGE> 2
Additional Interest 0.00
Series Participation Interest Monthly
Principal
Available Investor Principal Collections, 8,925,454.70
[a+m+n]
(a) Investor Principal Collections, [Max(b,h) 6,226,176.64
or e]
(b) prior to Accelerated Amort. Date or not 6,226,176.64
Early Amort. Period, [c*d]
(c) Floating Allocation Percentage 8.1439%
(d) Net Principal Collections 76,452,244.47
(e) after Accelerated Amort Date or Early 11,325,439.85
Amort Period, [f*g]
(f) Fixed Allocation Percentage 8.3995%
(g) Collections of Principal
134,834,398.30
(h) Minimum Principal Amount, [Min(i,l)] 3,318,141.42
(i) Floating Allocation Percentage of 10,980,747.35
Principal Collections
(j) 1.8% of the Series Participation Interest 6,017,419.48
Invested Amount
(k) Series Participation Interest Net Default 2,699,278.06
Payment Amount
(l) the excess of (j) over (k) 3,318,141.42
(m) Series Participation Interest Net Default 2,699,278.06
Payment Amount
(n) Optional Repurchase Amount (principal 0.00
only) at Sec. 9
Application of Investor Finance Charges and
Admin Collections
Investor Finance Charges and Admin. 5,274,895.13
Collections [Sec. 4.11(a)]
Series Servicing Fee paid if HFC is not the 0.00
Servicer [Sec. 4.11(a)(i)]
plus any unpaid Series Servicing Fee of other 0.00
than HFC
Series Participation Interest Monthly Interest 1,880,443.59
[Sec. 4.11(a)(ii)]
Series Participation Interest Interest 0.00
Shorfall [Sec. 4.11(a)(ii)]
Additional Interest [Sec. 4.11(a)(ii)] 0.00
Series Participation Interest Default Amount 2,699,278.06
[Sec. 4.11(a)(iii)]
Reimbursed Series Participation Interest 0.00
Charge-Offs [Sec. 4.11(a)(iv)]
Servicing Fee Paid [Sec. 4.11(a)(v)] 557,168.47
Excess [Sec. 4.11(a)(vi)] 138,005.01
Series Participation Investor Charge Off [Sec. 0.00
4.12(a)]
</TABLE>
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<TABLE>
<CAPTION>
Series 1996-1
Owner Trust
Calculations
Due Period Ending Sep 30, 1999
Payment Date Oct 15, 1999
Calculation of
Interest Expense
Index (LIBOR) 5.380000%
Accrual end date, Oct 15, 1999
accrual beginning
date and days in
Interest Period
<S> <C> <C> <C> <C>
Class A Class B Certificates Overcoll
Amount
Beginning Unpaid 173,764,730.45 117,005,378.77 11,700,537.88 31,830,435.10
Principal Balance
Previously unpaid 0.00 0.00 0.00
interest/yield
Spread to index 0.22% 0.60% 1.00%
Rate (capped at 5.600000% 5.980000% 6.380000%
13%, 15%, 16%)
Interest/Yield 810,902.08 583,076.80 62,207.86
Payable on the
Principal Balance
Interest on 0.00 0.00 0.00
previously unpaid
interest/yield
Interest/Yield 810,902.08 583,076.80 62,207.86
Due
Interest/Yield
Paid 810,902.08 583,076.80 62,207.86
Summary
Beginning
Security Balance 173,764,730.45 117,005,378.77 11,700,537.88 31,830,435.10
Beginning
Adjusted Balance 173,764,730.45 117,005,378.77 11,700,537.88
Principal Paid 3,123,909.14 312,390.92 919,750.49
4,639,050.21
Ending Security
Balance 169,125,680.24 113,881,469.63 11,388,146.96 30,980,330.67
Ending Adjusted
Balance 169,125,680.24 113,881,469.63 11,388,146.96
Ending 3.5000%
Certificate
Balance as %
Participation
Interest Invested
Amount
Targeted Balance 113,881,469.63 11,388,146.96
169,195,326.30
Minimum Adjusted 49,000,000.00 4,900,000.00 13,300,000.00
Balance
Certificate 9,860,183.02
Minimum Balance
Ending OC Amount 30,980,330.67
as Holdback
Amount
Ending OC Amount 0.00
as Accelerated
Prin Pmts
Beginning Net 0.00 0.00 0.00 0.00
Charge offs
Reversals 0.00 0.00 0.00 0.00
Charge offs 0.00 0.00 0.00 0.00
Ending Net Charge 0.00 0.00 0.00 0.00
Offs
Interest/Yield $1.2702100 $4.2796311 $2.4438020
Paid per $1000
Principal Paid $7.2666827 $22.9286755 $12.2721077
per $1000
</TABLE>
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<TABLE>
<CAPTION>
Series 1996-1 Owner Trust Calculations
Due Period September 1999
Payment Date Oct 15, 1999
<S> <C>
Optimum Monthly Principal [a+b+c]
(a) Available Investor Principal Collections 8,925,454.70
(b) Series Participation Interest Charge Offs 0.00
(c) Lesser of Excess Interest and Carryover 0.00
Charge offs
Accelerated Principal Payment 69,646.06
Series Participation Interest Monthly Interest 1,880,443.59
Allocation of Optimum Monthly Principal and
Series Part. Interest Monthly Interest
Interest and Yield
Pay Class A Interest Distribution- Sec. 810,902.08
3.05(a)(i)(a)
Pay Class B Interest Distribution- Sec. 583,076.80
3.05(a)(i)(b)
Pay Certificates the Certificate Yield- Sec. 62,207.86
3.05(a)(i)(c)
Principal up to Optimum Monthly Principal
Balance
Pay Class A to Targeted Principal Balance- 4,569,404.15
Sec. 3.05(a)(ii)(a)
Pay Class B to Targeted Principal Balance 3,123,909.14
subject to Min Adj Bal- Sec. 3.05(a)(ii)(b)
Pay Certificate Yield if not paid pursuant to 0.00
Sec. 3.05 (a)(i)(c)
Principal up to Optimal Monthly Principal
Pay Certificate to Targeted Principal Balance 312,390.92
subject to Min Adj Bal- Sec. 3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt 919,750.49
subject to OC Min Bal- Sec. 3.05(a)(iv)
Principal up to Accelerated Principal Payment
Amout
Pay Class A to Targeted Principal Balance 0.00
subject to Min Adj Bal- Sec. 3.05(a)(v)(a)
Pay Class B to Targeted Principal Balance 0.00
subject to Min Adj Bal- Sec. 3.05(a)(v)(b)
Pay Class A to zero- Sec. 3.05(a)(v)(c) 69,646.06
Pay Class B to zero- Sec. 3.05(a)(v)(d) 0.00
Principal up to Optimal Monthly Principal
Pay Class A to zero- Sec. 3.05(a)(vi)(a) 0.00
Pay Class B to zero- Sec. 3.05(a)(vi)(b) 0.00
Pay Certificates up to Certificate Minimum 0.00
Balance or zero- Sec. 3.05(a)(vi)(c)
Pay HCLC Optimum Monthly Principal provided 0.00
OC >0- Sec. 3.05(a)(vi)(d)
Remaining Amounts to Holder of Designated 354,610.79
Certificate - Sec. 3.05(a)(vii)
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<PAGE> 5
Allocations of Distributions to
Overcollateralization Amount
Available Distributions
Pay OC Remaining Optimal Monthly Prin Amt 919,750.49
subject to OC Min Bal- Sec. 3.05(a)(iv)
Pay HCLC Optimum Monthly Principal 0.00
provided OC >0- Sec. 3.05(a)(vi)
To Designated Certificate Holder up to total 69,646.06
Accelerated Principal Payments
To Designated Certificate Holder up to Holdback 850,104.43
Amount
To HCLC any remaining amounts 0.00
Principal paid to the Designated Certificate 3,133.81
</TABLE>
